The end of the month brings a data-crush, so today's bulletin is slightly longer than yesterday's.
First, I look at what the mass of data from NE Asia for May is telling us about conditions. The conclusion is that the data shows NE Asia's industrial economy is still under the cosh, but domestic demand is beginning to stir nonetheless.
I also look at the UK's current account balance and revised GDP data for 1Q. They show the private sector in rapid retreat from its dissavings, and it is likely that by 2Q we'll see the UK showing a private sector savings surplus. At the same time, although GDP was revised down, Kalecki profits growth was maintained, with the structure moving away from household sector dissaving and back towards net investment spending. Which is good news.
